A question debated since the passage of the CARES Act has been whether an employer can claim a tax deduction for the corresponding qualifying expenditures. On April 30 the IRS addressed this question in Notice 2020-32, which concludes that where an employer obtains forgiveness of an amount of a PPP loan, the employer may not claim a tax deduction for the eligible expenditures resulting in such forgiveness.

HUD Secretary Ben Carson today announced his Department will allocate $685 million in COVID-19 relief funding to help low-income Americans residing in public housing. The funding, made available by the CARES Act legislation President Trump signed into law on March 27, 2020, will be awarded to Public Housing Authorities (PHAs) across the Nation.

The Federal Reserve is expanding its emergency Main Street lending program, now giving larger companies and ones with more debt the opportunity to tap into funds meant to limit the damage from the coronavirus crisis. The Main Street program, which has yet to launch, will now be open to companies with up to 15,000 employees, or up to $5 billion in annual revenue. Previously, the program was limited to companies with up to 10,000 employees and $2.5 billion in revenue.

U.S. Sens. Sherrod Brown (D-OH), Susan Collins (R-ME), and Debbie Stabenow (D-MI) led a group of bipartisan senators in urging the USDA to target COVID-19 relief provisions to reach local farmers in the new Coronavirus Food Assistance Program (CFAP). USDA created CFAP to administer relief Congress provided in the CARES Act, but USDA has not announced specific details on how this relief will be targeted to local farmers.

House Ways and Means Committee Chairman Richard Neal reaffirmed Wednesday his support for reinstating Build America Bonds and the use of private activity bonds as part of a larger package of aid to state and local governments.

On April 29, 2020, the IRS provided guidance on the employee retention credit (ERC), by significantly expanding upon a list of "frequently asked questions" (FAQ) posted on its website. The FAQ now includes 94 questions covering an array of topics, including the determination of eligible employers and qualified wages, and how the credit interacts with other relief provisions provided by the CARES Act and FFCRA.

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Tuesday, May 12, 2020 - 11:00 AM - 1:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern

CDFA Food Systems Finance Webinar Series: The Landscape of Food Systems Finance
Thursday, May 28, 2020 - 2:00 PM Eastern